KLCI unable to snap out of losing streak

KUALA LUMPUR: Despite some late fund buying on Wednesday, the FBM
KLCI was unable to snap out of its losing streak, closing lower for the
third day, weighed down by losses in AirAsia, IOI Corp and Tenaga.
At
5pm, the FBM KLCI was down 0.46 of a point to 1,613.78, despite a late
move to push the 30-stock index into positive territory, to capitalise
on the positive regional markets.
It was the only regional
market in the red, though the broader market showed some improvement,
with 409 gainers, 292 losers and 315 stocks unchanged. Turnover was
804.44 million shares valued at RM1.60bil.
Reuters reported
European shares and the euro rose on Wednesday while Italian and
Spanish bonds were little changed after Germany's top court gave its
backing to the euro zone's new 700 billion euro European Stability
Mechanism bailout fund.
German approval of the ESM was crucial to boost the euro zone's crisis fighting powers and a key requirement for the European Central Bank's new plan to buy the bonds of struggling euro members.
Among
the key regional markets, Japan's Nikkei 225 rallied 1.73% to 8,959.96;
Hong Kong's Hang Seng Index advanced 1.10% to 20,075.39; Shanghai's
Composite Index added 0.28% to 2,126.55; Taiwan's Taiex gained 1.14% to
7,570.45 and South Korea's Kospi 1.56% higher at 1,950.03. Singapore's
Straits Times Index gained 0.48% to 3,031.
US light crude oil
rose 57 cents to US$97.74 and Brent 88 cents higher at US$116.28 while
spot gold advanced US$12.27 to US$1,744.15.
The ringgit advanced to 3.0729, the highest since May 11.
Crude palm oil for third-month futures rose RM8 to RM2,927 per tonne. PPB Group
continued its losing streak, falling 28 sen to RM12.40 while its
associate, Wilmar International was at S$3.01, the lowest since March
31.
IOI Corp fell seven sen to RM5 and Sime Darby five sen to RM9.75, dragging the KLCI down 1.75 points.
AirAsia
fell 17 sen to RM3.02, erasing 1.09 points while Tenaga fell eight sen
to RM6.55, pushing the index down 1.02 points. TM fell nine sen to
RM5.96.
Nestle fell 40 sen to RM62 and BAT 38 sen to RM62 and Carlsberg 20 sen to RM11.90 while Dutch Lady lost 10 sen to RM42.20.
CIMB rose 12 sen to RM7.40 to push the KLCI up 2.08 points while RHB Cap added seven sen to RM7, HLFG four sen to RM11.82 and Puboic Bank two sen to RM14.22.
Glenealy rose 45 sen to RM7.75, the highest since July 1997 on its special dividend of 52.75 sen per share.
AEON gained 26 sen to RM10.50, Pharmaniaga 21 sen to RM7.57 and F&N 20 sen to RM19.40.